Ripple proponent attorney defends XRP as a finite asset, slams ...
Ripple (XRP) price battles to hold above $0.47 on Monday as proponent attorney Bill Morgan criticized Bitcoin maximalist Michael Saylor for his take on the altcoin. Saylor shared his bullish views on Bitcoin in a recent podcast interview, pushing his “Bitcoin is perfect money,” narrative.
Fred Kreuger, investor and crypto proponent supported Saylor’s stance and noted that Ripple, Ethereum, and Cardano are not finite. Morgan defended XRP and said the asset is finite.
Daily digest market movers: XRP is finite, says Bill Morgan Attorney Bill Morgan slammed Michael Saylor for his “Bitcoin is perfect money”. Bitcoin proponent Michael Saylor promotes the narrative that Bitcoin isfinite, while supporter and investor Fred Kreuger argues that Ripple, Ethereum and Cardano are not finite.Saylor's new angle is that Bitcoin is perfect money.
It's perfect in a physical sense. Like the discovery of a perfect semi-conductor. A constant, like the speed of light or absolute zero temperature.
What makes Bitcoin perfect is it's fixed supply. It's not just rare. It's…
What a lie. You say Ripple is not finite but XRP is finite and in fact due to burning is decreasing down from 100 billion XRP. https://t.co/85ueesqC9h
— bill morgan (@Belisarius2020) June 23, 2024Good Morning its a great day for great day !
The #XRP Ledger Automated Market Maker reached a milestone with an equivalent of 20M+ XRP in Total Value Locked!
TVL is increasing constantly now. pic.twitter.com/YJ3LEogKvF
Correct, fees are still very high. Its more expensive than any other popular AMM. Issue is people have to vote to bring them down, manually, but that's overlooked unfortunately.
I hope once the AMM gets the Price Oracle integrated in the future we get dynamic pricing and fees
Ripple is in a state of decline, alongside other altcoins, while Bitcoin plunges under $62,000 on Monday. Bitcoin wipes out over 3% of its value on the day, taking altcoins down with it. XRP is trading at $0.4686, down nearly 2.5% on a daily basis.
Ripple is likely to extend losses by another 4% and touch support at $0.4508, the June 7 low. In case XRP continues to slip lower, it could find support at the April 13 low of $0.4188. This marks a drop of nearly 11% in Ripple’s price.
The Moving Average Convergence Divergence (MACD) momentum indicator supports the bearish thesis as the signal line crosses above the MACD line and red histogram bars appear below the neutral level.
XRP/USDT 1-day chart
On the other side, if Ripple closes above the upper boundary of the Fair Value Gap at $0.4841, it could invalidate the bearish thesis and push prices toward the next key resistance at $0.4955.
The key resistance level coincides with the 23.6% Fibonacci retracement of the decline between the March high of $0.7440 and the April 13 low of $0.4188.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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